ICICI Lombard And Clearspeed Join Forces To Streamline Fraud Detection In Insurance Claims

ICICI Lombard And Clearspeed Join Forces To Streamline Fraud Detection In Insurance Claims

ICICI Lombard, one of India’s foremost private sector general insurance companies, has entered into a strategic partnership with Clearspeed, a global leader in voice-based risk assessment technology.

Facilitated through channel partner Aelius, this collaboration is aimed at strengthening the fight against fraudulent insurance claims in India. With insurance fraud posing a growing challenge—particularly in segments such as motor theft—this partnership seeks to introduce cutting-edge, AI-driven risk evaluation tools that can revolutionize claim verification processes, improve operational efficiency, and protect the integrity of the claims ecosystem.

As part of the collaboration, a successful pilot was conducted focusing on motor theft claims, a significant area of concern in the Indian insurance landscape. Fraudulent claims in this category have been increasing, and the pilot demonstrated the potential of this technology to significantly reduce such risks.

Nazeem Khan, Head – ICLM, Motor Third Party Claims & Litigation at ICICI Lombard, commented,

"This partnership with Clearspeed aligns seamlessly with the fraud prevention framework we’ve built and refined over the years. By integrating their cutting-edge risk assessment approach with our deep domain knowledge of the Indian market, we’re taking a major step toward faster, more accurate settlements—ensuring genuine claimants are prioritized while fraud is actively deterred."

Clearspeed’s approach represents a breakaway from traditional risk assessment methods. Where conventional tools rely heavily on documentation, manual verification, and subjective judgments, Clearspeed offers a faster and more reliable solution. Its core features include:

• Speed – Real-time insights enable rapid decision-making
• Bias-Free Technology – Independent of predictive models or historical data
• Seamless Experience – Removes unnecessary hurdles for authentic customers

Alex Martin, CEO of Clearspeed, added, 

"We’re excited to support ICICI Lombard’s efforts to address the unique challenges of the Indian market. Our work with major insurance firms across the UK and US has led to a 50% reduction in average claim processing time and a 40% boost in immediate claim settlements. We look forward to achieving similar impact in India—while ensuring a great customer experience remains at the forefront."

The initial phase of this collaboration will remain focused on motor theft claims—a category that continues to witness a high volume of fraudulent activities in the Indian insurance landscape. By applying Clearspeed’s advanced voice-based risk assessment technology in this critical area, the partnership aims to set a strong precedent for how fraud detection can be both efficient and customer-friendly. Building on the success of this pilot, ICICI Lombard and Clearspeed plan to gradually extend the solution’s application to other lines of insurance, thereby broadening its impact across multiple product categories and ensuring enhanced fraud mitigation across the board.